TP ICAP Finance announces indicative results of its tender offer for notes due 2024

TP ICAP Finance plc has announced the indicative results of its invitation to eligible holders of its outstanding £500,000,000 5.250 per cent. Notes due 2024 to tender their Notes for purchase by the Offeror for cash up to the Final Acceptance Amount.

The Expiration Deadline for the Offer was 4.00 p.m. (London time) on 15 November 2021. As at the Expiration Deadline, £371,362,000 in aggregate nominal amount of Notes was validly tendered for purchase pursuant to the Offer.

In the event the Offeror decides to accept valid tenders of Notes pursuant to the Offer, and the New Financing Condition is satisfied (or waived by the Offeror) on or prior to the Settlement Date, it expects to set the Final Acceptance Amount at approximately £184 million in aggregate nominal amount of Notes.

On the basis of such expected Final Acceptance Amount, the Offeror expects to accept for purchase Notes validly tendered in the Offer subject to pro rata scaling at a Scaling Factor of approximately 49 per cent., as further described in the Tender Offer Memorandum.

Holders should note that this is a non-binding indication of the level at which the Offeror expects to set the Final Acceptance Amount and the Scaling Factor.

Pricing for the Offer will take place at or around 2.00 p.m. (London time) today. As soon as reasonably practicable after the Pricing Time, the Offeror will announce whether it will accept valid tenders of Notes for purchase pursuant to the Offer and, if so accepted, the Final Acceptance Amount, the Benchmark Security Rate, the Purchase Yield, the Purchase Price and final details of any pro rata scaling, as further described in the Tender Offer Memorandum.

Subject to the satisfaction or waiver of the New Financing Condition, the expected Settlement Date for the Offer is 18 November 2021.